HSBC index remains at August level
Print Edition
CHINA’S manufacturing sector remained weak in September, a survey showed yesterday, defying earlier signs of a rebound.
The HSBC Purchasing Managers’ Index, a composite gauge of operating conditions in private and export-oriented manufacturers, was 50.2 last month, unchanged from August’s three-month low and down from an earlier flash PMI reading of 50.5.
A reading above 50 is expansion, but the September data signaled only a fractional improvement in the health of the sector, according to the survey.
Qu Hongbin, chief economist for China at HSBC, said: “We think risks to growth are still on the downside and warrant more accommodative monetary as well as fiscal policies.”
The component indexes showed that production and new orders were both down, while employment and prices remained at relatively low levels.
The only bright spot was in new export orders, which saw their highest reading in more than four years.
Many economists had been surprised by an earlier flash PMI reading which indicated faster growth in the manufacturing sector.
But few were convinced it indicated a rebound.
The China Federation of Logistics and Purchasing and the National Bureau of Statistics are due to release the official PMI data for September today.
The official PMI, which is weighted toward large state-owned manufacturers, was 51.1 in August, down from 51.7 in July, its first moderation since February.
China’s economy showed signs of recovery in the first half of this year with its gross domestic product expanding 7.5 percent in the second quarter, picking up from the pace of 7.4 percent in the first three months.
But major activity indicators, including industrial production, fixed-asset investment and retail sales, all showed weakness in both July and August, triggering fears over China’s economy.
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